Exxon Mobil reported third-quarter adjusted EPS of $4.23 versus market
expectations of $4.08 and adjusted net income of $17.5 bln versus $16.6 bln
expected. U.S. and Israeli military action against Iran and Ukrainian strikes on
Russian refineries have damaged global refining capacity and tightened diesel
supply, driving a sharp rise in refining margins that powered downstream
results. Upstream adjusted earnings were $7.3 bln, down 20% QoQ on lower Brent;
downstream adjusted earnings were $9.0 bln, up 120% QoQ. Specialty products
earned $1.3 bln, up 32% QoQ. Production averaged 4.5 mln boe/d, roughly flat
QoQ. Exxon announced a $20 bln share buyback program for 2027, unchanged from
2026.
